Wed, Aug 14, 8:19 PM (153 days ago)
HeartBeam, Inc. reported significant financial challenges for the quarter ending June 30, 2024, with a net loss of $4,956,000, up 57% from $3,154,000 in the same quarter last year. Total operating expenses surged by 54% to $5,090,000, driven primarily by a 92% increase in research and development costs due to higher clinical and AI-related expenditures. The company ended the quarter with approximately $9.2 million in cash, a decrease from $16.2 million at year-end 2023, raising concerns about its ability to sustain operations for the next twelve months without additional capital. HeartBeam has engaged in an At-The-Market (ATM) offering, with $16.9 million available for issuance to bolster cash reserves. The company is focused on obtaining FDA clearance for its innovative Vector Electrocardiography (VECG) technology, with a limited product launch expected by year-end 2024. However, management warns of substantial uncertainties regarding future financing and revenue generation.